The Swiss government has responded with “great regret” to the US decision to impose 39% tariffs on Swiss imports despite progress in bilateral talks and the “very constructive stance” of Switzerland.
The 39% tariff on the European nation is one of the steepest announced by the White House and is a significant increase from the 31% tariff rate proposed in April.
Switzerland, a major pharmaceutical exporter, conducted $88.4 billion in two-way trade with the US in 2024. Precious metals and luxury watches are also a major component of Swiss exports to the US.
The tariff “significantly deviates” from a draft agreement Bern approved in early July, which the Swiss said was the product of months of discussions with the US.
The government said it will continue to try to reach a deal with the US.
Karin Keller-Sutter, the country’s president and finance minister, said Thursday she had not been able to reach an agreement during a final call with US President Donald Trump, adding “the trade deficit is still a key issue.”-BBC
